As part of its efforts to strengthen the competitiveness of its Performance Products segment, BASF will eliminate about 500 positions by the end of 2015. The Performance Products portfolio includes ingredients for personal care, cosmetics, pharmaceuticals, plastic additives, pigments and paper chemicals as well as chemicals used in oil and gas production and mining. In some market segments, increasing standardization and the entry of new competitors have changed the business environment significantly. This especially applies to the markets for plastic additives and pigments as well as for water, leather and textile chemicals, according to BASF.
“The expansion of our specialty business in the Performance Products segment made us more robust to economic fluctuations. However, the growth and profitability of the standard products do not yet meet our requirements. We have therefore identified numerous measures which we are implementing step by step. Further measures are being analyzed,” said Michael Heinz, member of the Board of Executive Directors of BASF SE and responsible for the Performance Products segment.